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Herms’ highly coveted Birkin handbag becomes even more coveted after it leaves the store — doubling in value in as little as five years, according to a luxury expert.

James Firestein, founder of luxury resale and authentication platform OpenLuxury, told Fortune that the steepest price increase he has ever witnessed when a Black Togo 30 Birkin doubled in value in five years.

For reference, the price of the Black Togo 30 widely varies on resale platforms due to the bag’s condition, type of hardware metals and the year it was purchased from Herms, going for anywhere from $30,500 for a “like new” bag on Sotheby’s to $10,925 on The RealReal or roughly $8,000 on eBay.

More commonly, however, it takes a decade for the price of a Birkin to surge two-fold.

“I know several instances where people have doubled their money based on buying it 10 years ago, and reselling it today in pristine condition,” Firestein said, per Fortune.

“The resale value of particularly the Birkin and Kelly bags over the past 10 years has outpaced gold, he added.

In 2020 alone, while when the luxury market ground to a halt during COVID, Birkin bags saw impressive returns of 38%, according to a report from Credit Suisse and Deloitte.

As a result, Firestein estimates that 25% of Birkin buyers keep the bag in storage as investments while the remaining 75% actually use the bags, Fortune reported.

Most shoppers look to the second-hand marketplace to buy Birkin bags, mostly because buying a luxurious piece of eye candy directly from Herms can be a time-consuming process that doesn’t guarantee customers get the exact style they want.

Herms allows stores and boutiques around the world to purchase a select number of Birkins per season, though the color and size of the bags are rarely known ahead of time, according to Sotheby’s.

And for aspiring Birkin owners who don’t already have an existing relationships with retailers, it can be even harder to ensure that a staffer will try and reserve the bag you want, Sotheby’s said.

As a result, Birkins, more often than not, sell for well beyond their $12,000 sticker price.

The pricing mostly comes down to scarcity principle, per Sotheby’s, which sold a Himalaya Birkin 30 encrusted with diamonds for $450,000, though the more common leather styles in fresh condition generally go for between $25,000 and $30,000, according to the auction house.

Herms has been accused of making it too difficult for the everyday shopper to acquire a Birkin of their own.

Two California plaintiffs alleged in a class-action lawsuit earlier this month that the French fashion house uses unfair business practices,” including requiring customers to buy other ancillary products such as shoes, scarves, belts, jewelry and home goods  before getting the opportunity to buy the coveted, chronically unavailable handbag.

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To be allowed to purchase a Birkin, the suit claims, customers must have accrued a sufficient purchase history with the luxury brand.

Once achieved, customers who are deemed worthy are then offered a Birkin — which is allegedly not on public display but rather in a private room, the suit claims.

The unique desirability, incredible demand and low supply of Birkin handbags gives defendants incredible market power, attorneys wrote in their filing.

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BlockFi bankruptcy administrator and DOJ agree to dismiss $35M lawsuit

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BlockFi bankruptcy administrator and DOJ agree to dismiss M lawsuit

BlockFi bankruptcy administrator and DOJ agree to dismiss M lawsuit

BlockFi’s bankruptcy administrator and the DOJ have settled a $35 million crypto asset transfer lawsuit.

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Sports

Hard-throwing rookie Misiorowski going to ASG

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Hard-throwing rookie Misiorowski going to ASG

Hard-throwing rookie Jacob Misiorowski is a National League All-Star replacement, giving the Milwaukee Brewers right-hander a chance to break Paul Skenes‘ record for the fewest big league appearances before playing in the Midsummer Classic.

Misiorowski was named Friday night to replace Chicago Cubs lefty Matthew Boyd, who will be unavailable for the All-Star Game on Tuesday night in Atlanta because he is scheduled to start Saturday at the New York Yankees.

The 23-year-old Misiorowski has made just five starts for the Brewers, going 4-1 with a 2.81 ERA while averaging 99.3 mph on his fastball, with 89 pitches that have reached 100 mph.

If he pitches at Truist Park, Misiorowski will make it consecutive years for a player to set the mark for fewest big league games before an All-Star showing.

Skenes, the Pittsburgh Pirates right-hander getting ready for his second All-Star appearance, had made 11 starts in the majors when he was chosen as the NL starter for last year’s All-Star Game at Texas. He pitched a scoreless inning.

“I’m speechless,” said a teary-eyed Misiorowski, who said he was given the news a few minutes before the Brewers’ 8-3 victory over Washington. “It’s awesome. It’s very unexpected and it’s an honor.”

Misiorowski is the 30th first-time All-Star and 16th replacement this year. There are now 80 total All-Stars.

“He’s impressive. He’s got some of the best stuff in the game right now, even though he’s a young pitcher,” said Yankees slugger Aaron Judge, who is a starting AL outfielder for his seventh All-Star nod. “He’s going to be a special pitcher in this game for a long time so I think he deserved it and it’s going be pretty cool for him and his family.”

Carlos Rodón, Carlos Estévez and Casey Mize were named replacement pitchers on the AL roster.

The New York Yankees‘ Rodón, an All-Star for the third time in five seasons, will replace teammate Max Fried for Tuesday’s game in Atlanta. Fried will be unavailable because he is scheduled to start Saturday against the Chicago Cubs.

In his final start before the All-Star game, Rodón allowed four hits and struck out eight in eight innings in an 11-0 victory over the Cubs.

“This one’s a little special for me,” said Rodón, an All-Star in 2021 and ’22 who was 3-8 in his first season with the Yankees two years ago before rebounding. “I wasn’t good when I first got here, and I just wanted to prove that I wasn’t to going to give up and just put my best foot forward and try to win as many games as I can.”

The Kansas City Royals‘ Estévez replaces Texas’ Jacob deGrom, who is scheduled to start at Houston on Saturday night. Estévez was a 2023 All-Star when he was with the Los Angeles Angels.

Mize takes the spot held by Boston‘s Garrett Crochet, who is scheduled to start Saturday against Tampa Bay. Mize gives the Tigers six All-Stars, most of any team and tied for the franchise record.

Royals third baseman Maikel Garcia will replace Tampa Bay‘s Brandon Lowe, who went on the injured list with left oblique tightness. The additions of Estévez and Garcia give the Royals four All-Stars, matching their 2024 total.

The Seattle Mariners announced center fielder Julio Rodríguez will not participate, and he was replaced by teammate Randy Arozarena. Rodríguez had been voted onto the AL roster via the players’ ballot. The Mariners, who have five All-Stars, said Rodríguez will use the break to “recuperate, rest and prepare for the second half.”

Arozarena is an All-Star for the second time. He started in left field for the AL two years ago, when he was with Tampa Bay. Arozarena was the runner-up to Vladimir Guerrero Jr. in the 2023 Home Run Derby.

Rays right-hander Drew Rasmussen, a first-time All-Star, is replacing Angels left-hander Yusei Kikuchi, who is scheduled to start Saturday night at Arizona. Rasmussen is 7-5 with a 2.82 ERA in 18 starts.

San Diego added a third NL All-Star reliever in lefty Adrián Morejón, who replaces Philadelphia starter Zack Wheeler. The Phillies’ right-hander is scheduled to start at San Diego on Saturday night. Morejón entered the weekend with a 1.71 ERA in 45 appearances.

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M’s Raleigh hits 2 more HRs, brings total to 38

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M's Raleigh hits 2 more HRs, brings total to 38

DETROIT — Cal Raleigh hit his 37th and 38th home runs in Seattle‘s 12-3 victory over Detroit on Friday night to move within one of Barry Bonds’ 2001 major league record for homers before the All-Star break.

Raleigh hit a solo homer off former teammate Tyler Holton in the eighth to tie the American League record of 37 before the All-Star break set by Reggie Jackson in 1969 and matched by Chris Davis in 2013.

“[Holton] and I are really good friends, and I’ve caught a lot of his pitches,” said Raleigh, who was in the lineup as the designated hitter instead of at catcher. “I don’t think that helped much, but I’m sure he’s not very happy with me.”

Raleigh hit a grand slam off Brant Hurter in the ninth.

“I didn’t even know it was a record until just now,” Raleigh said. “I don’t have words for it, I guess. I’m just very grateful and thankful.”

It was Raleigh’s eighth multihomer game this season, tying Jackson (also in 1969) for the most such games before the All-Star break in MLB history, according to ESPN Research. He also tied Ken Griffey Jr. for the most multihomer games in Mariners franchise history.

Seattle has two games left in Detroit before the break.

“Cal Raleigh … this is just unbelievable,” Mariners manager Dan Wilson said. “He’s already set the AL record and now he’s only one short of Barry. There are two games, so who knows?”

Raleigh hit 10 homers in March and April, 12 in May, 11 in June and has five in July.

“This is a very boring comment, but baseball is all about consistency,” Wilson said. “This hasn’t been one hot streak, he’s doing this month after month. That says everything.”

The Associated Press contributed to this report.

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